Is Decentralization Still A “Dream”?
By Sujith Somraaj on ALTCOIN MAGAZINE
Many blockchains have been released and there are almost a thousand ICOs(Initial Coin Offerings) were done raising billions of dollars, pitching they will improve the existing technical industry. Do we really achieve decentralization as promised by blockchain experts?
But What’s Left in the Technical Industry to Improve?
Do the speaking humanoids or the dancing virtual glasses needs improvement? Will, they are a kind of luxurious things which makes humans less smart than computers. But what does it have to do with our topic? Nothing!! People are crowding against the cloud computing technologies and the corporates are betting on them heavily, but it’s like getting a loan to repay a debt. The electronic industry’s scaling down speeds already started to violate Moore’s law, which means our hardware sizes couldn’t be scaled down too much. So for handling huge data, is the billion-dollar data centers an only way?
Decentralization — “A Castle Built on Air”
People argue that the bitcoin will bring in a change to the existing financial industry as it provides decentralization, transparency and is not confined to a central bank. Let’s leave such political dramas and focus on that term decentralization and how it could change our daily lives if it were a reality. Remember that no cryptocurrency is decentralized as most of them are controlled by the top 3–4 mining farms with an immense amount of hashing rate. They are tampering these databases if they are convinced simultaneously.
Real Decentralization
Most of the computing which we come across are done with some powerful data centers across the globe which were built with billions of dollars. But blockchain can revolutionize the entire data storage industry. What happens if you can store your image on your’s friend’s mobile phone but only you can access it? Cool, Isn’t it. The same will happen if blockchain-based internet is built. People can utilize the unused spaces for their computing power and there is no necessary for powerful hardware and costly storage devices. It is also based on the P2P protocol so there will be no intermediary organization involved in the data transfers and only the person with the key pairs can access it. If decentralization is a reality then the entire database management industry will be revolutionized as we can use everyone’s mobile phone to build a datacenter 100x powerful than all the supercomputers available. Isn’t it a greater concept to store your data on a mobile phone of someone and get it when needed. Still, we are in the initial phases of blockchain development, but I’m sure it will be more than Artificial Intelligence. We can call this as storage intelligence.
